BP Considers Retreat From North Sea Amid Mounting Tax Pressures

BP is reportedly eyeing a potential exit from the North Sea as the tax load on energy companies seems unlikely to be eased with the Iran war. The UK oil giant is considering either ceasing or partially winding down operations in the North Sea, according to Bloomberg, as part of an effort to strip assets and pay debt. It said it would look to find around £2bn in full divestment, which could hit its control of basins in the North Sea. The decision is subject to an internal review of its assets and operations. …